Feb 16, 2016

North Carolina Property Near East Carolina University Joins The Growing PEP Portfolio

Pierce Education Properties today announces the purchase of The Landing - a premier off-campus student housing community serving East Carolina University students - for $42 million. Debt financing of $21.4 million was provided by KeyBank Real Estate.

The Landing is an 888-bed, 288-unit community located just southeast of East Carolina University in Greenville, NC, and served by a dedicated university-operated shuttle service. This gated, state-of-the-art, garden-style, fully-furnished community features spacious two, three, and four bedroom units, each with bed-to-bath parity, full-size stainless steel appliances including washers and dryers in every unit, balconies, and beautiful green space. Community amenities include three resort-style pools, 24-hour state-of-the-art fitness center, outdoor basketball court, upgraded game room, and high speed wireless internet.

Founded in 1907 as East Carolina Teachers Training School and eventually becoming East Carolina University in 1967, ECU today has the third-largest enrollment and is among the fastest growing schools in the University of North Carolina system, with over 28,000 students. The university currently has 10,000 beds of student housing on campus. The East Carolina Pirates compete in the NCAA FBS Division and are a member of the up-and-coming American Athletic Conference (formerly the Big East), which was founded in 2013 and added ECU in 2014. The student housing market in Greenville also serves the housing needs of more than 9,100 undergraduates who attend Pitt Community College, which is located less than a mile from The Landing.

"Our acquisition of The Landing further expands our reach in the Southeast Region, where we already own student housing at University of South Carolina, Georgia Tech, Western Kentucky University, and West Virginia University," said PEP President and CEO Frederick W. Pierce. "The University of North Carolina System is one of the finest systems of higher education in the country and ECU one of its premier campuses. We are also very pleased to have a presence in the new American Athletic Conference and look to acquire student apartments at more of its member universities."